In this session, the Costa Rican Red Cross, the University of Cost Rica and the Red Cross Red Crescent Climate Centre explained how they developed a joint initiative to support the identification of critical positions of tropical cyclones associated with extreme precipitation events in Central America. The Forecast-based Financing (FbF) Feasibility Study demonstrated the importance of generating synergies with other partners to strengthen the risk analysis and the trigger development. The product of this alliance will benefit not only the Costa Rican Red Cross but also the Guatemalan Red Cross and the Honduran Red Cross, increasing their institutional capacity in terms of planning to mitigate the effects of hydrometeorological events on communities.